(Alliance News) - WeCap PLC on Tuesday noted balance sheet growth during its latest half year, a period "dominated by [its] continued support" for WeShop Holdings Ltd.
The London-based investor, which focuses on the social commerce, life sciences and natural resources sectors, reported a pretax loss of GBP389,090 for the six months to October 31. This followed its GBP169,560 loss the year before.
WeCap, which changed its name from IamFire in December, currently generates no revenue. Its cash balance at October 31 was GBP104,618, up from GBP79,435 at the same time one year prior.
WeCap said the half year was "dominated by [its] continued support" for spcial commerce platform WeShop, its "primary investment". The company noted that in May, it had subscribed for additional convertible loan notes in WeShop worth GBP150,000. It also obtained a 23.6% stake in Community Social Investments Ltd, whose sole holding is 8.3 million shares in WeShop.
As a result, WeCap currently holds shares and CLNs equivalent to a total of around 5.2 million shares in WeShop.
WeCap also currently holds a 10% stake in Bio2pure Ltd, which is developing technology to clean polluted waterways.
Going foward, WeCap "continues to look forward to the future progress in both of its primary investments" and will keep the market updated on any further progress.
Shares in WeCap were untraded at 1.48 pence on Tuesday afternoon in London. They last traded at 1.48p on Friday.
By Emma Curzon, Alliance News reporter
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